- With its share price falling by 29.5% this year, the market has questioned Musk's multi-line operations strategy and its impact on the company's future. As CEO of Tesla, Musk also manages SpaceX, Neuralink, The Boring Co., as well as his recently acquired social media platform X (formerly Twitter) and AI startup xAI.Announced today, Grifols will work with Haier through Shanghai RAAS to promote synergy and strengthen China's medical care system.
- Under the share purchase agreement, Grifols purchased Shanghai RAAS' stock for 1 billion yuan, approximately 0.亿欧元. 1251 billion yuan(about160 million euros)stock20%sold to Haier Group
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Shanghai, June 18, 2024 / PRNewswire / - Global healthcare company and leading producer of plasma-derived therapeutics, Grifols (MCE: GRF, MCE: GRF.P, NASDAQ: GRFS) announced today that it has completed the sale of a 20% stake in Shanghai RAAS to Haier Group and has reached a strategic cooperation agreement with Haier and Shanghai RAAS. This transaction has obtained all necessary government approvals and compliance confirmation from the Shenzhen Stock Exchange.
This cooperation will fully utilize Grifols' industry-leading plasma and diagnostic advantages and the synergy between Haier's excellent healthcare solutions to promote the innovation and long-term development of Shanghai RAAS.
Through the share purchase agreement, Grifols will sell 20% of Shanghai RAAS's shares to Haier Group for RMB 12.5 billion (approximately EUR 1.6 billion) in cash. Grifols will retain the economic rights corresponding to 6.58% of the actual shares of Shanghai RAAS and a seat on the board of directors.
Grifols and Shanghai RAAS will extend their exclusive albumin distribution agreement for the next 10 years, while guaranteeing the minimum supply from 2024 to 2028, and Shanghai RAAS can choose to extend the agreement to 2044. China has a huge demand for albumin, which is expected to continue to grow substantially in the coming years.
As the Chinese blood products market continues to thrive and maintains double-digit growth, Grifols and Shanghai RAAS have successfully collaborated over the past four years.
This transaction was first announced in December 2023. Through this transaction, Grifols will maintain its business in China and its commercial agreement with Shanghai RAAS, while fulfilling its deleveraging commitment.
Tan Lixia, Vice Chairman and Executive Vice President of Haier Group's Board of Directors, said: "We are pleased to complete this transaction and welcome Shanghai RAAS to the Inkon Life family. Shanghai RAAS will join Haier Biomedical and Inkon Life Technology to focus on life sciences, clinical medicine, and biotechnology, and collectively create a health industry ecosystem with international competitiveness. We also hope that through strategic cooperation with Grifols, we can contribute to 'Healthy China'."
Grifols Executive ChairmanThomas Glanzmannsaid: "Reaching a strategic cooperation with Haier is a milestone in Grifols' more than 40-year history in China. This will further promote our development in this extraordinary plasma medicine and diagnostic solution market. We look forward to working with Haier and using our respective expertise to explore future business opportunities."Grifols hired Osborne Clarke, S.L.P. and Jun He Law Offices as legal advisors. Nomura International Securities served as Grifols' chief financial advisor.
Grifols has hired Osborne Clarke, S.L.P. and Junhe Law Firm as legal advisors. Nomura International Securities serves as Grifols' Chief Financial Advisor.
About the Haier Group
Founded in 1984, Haier Group is a world-leading provider of quality-of-life and digital transformation solutions and services, committed to "creating unlimited possibilities with a boundaryless ecosystem". Haier Group always puts users first, and has set up 10 major R & D centers, 71 research institutes, 35 industrial parks, 143 manufacturing centers and 230,000 sales networks worldwide. It has been ranked as the world's only Internet of Things brand for six consecutive years in the Kaidi BrandZ Top 100 Global Brands. For more information, please visit.
About Grifols
Grifols is a global healthcare company that has been committed to improving the health and well-being of people around the world since its inception in Barcelona in 1909. As a leader in the plasma-derived therapeutics and transfusion medicine industry, the company develops, produces and provides innovative healthcare services and solutions in more than 110 countries. Driven by growing patient demands and a deep understanding of many chronic, rare, epidemic and critical illnesses, Grifols continues to innovate in the fields of plasma and other biopharmaceuticals, to improve patients' quality of life. Grifols focuses on treating diseases in various medical fields: immunology, hepatology and critical care, pulmonology, hematology, neurology and infectious diseases.
As a pioneer in the plasma industry, Grifols continues to expand its plasma donation centers. It currently has the largest donation network globally, with over 390 donation centers in North America, Europe, Africa, the Middle East and China. As a recognized leader in transfusion medicine, Grifols provides comprehensive solution portfolios in addition to clinical diagnostic technologies that aim to increase the safety from donation to transfusion. It provides high-quality biological products for life science research, clinical trials as well as drug and diagnostics manufacturing. The company also serves hospitals, pharmacies and healthcare professionals with tools, information, and services to achieve effective healthcare.
As a pioneer in the plasma industry, Grifols continues to expand its plasma donation centers, with over 390 donation centers in North America, Europe, Africa, the Middle East, and China, making it the largest donation network in the world.
As a recognized leader in transfusion medicine, Grifols not only provides clinical diagnostic technologies, but also offers comprehensive solution packages aimed at improving the safety from donation to transfusion. It provides high-quality biological products for life science research, clinical trials, and drug manufacturing and diagnostic products. The company also provides tools, information, and services to hospitals, pharmacies, and healthcare professionals to achieve effective medical care.
Grifols has over 23,000 employees in more than 30 countries and regions, committed to a sustainable business model that sets standards for continuous innovation, quality, safety, and ethical leadership.
The company's Class A shares are listed on the Spanish Stock Exchange (MCE: GRF) and included in the Ibex-35 Index. Grifols' non-voting Class B shares are listed on Mercado Continuo (MCE: GRF.P) and also on NASDAQ (NASDAQ: GRFS) in the USA through ADR.
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Legal disclaimer:
This report includes facts and data that do not involve historical data and are "future forecasts and assumptions." Words and expressions such as "believe," "hope," "expect," "forecast," "expect," "plan," "should," "will seek to achieve," "estimate," "future," and the like are used to determine future forecasts and assumptions in relation to the Grifols Group. These statements reflect the assumptions, guesses, forecasts, and expectations of management at the time of writing this report and are subject to various factors, which means that actual results may differ significantly. The future performance of Grifols Group may be affected by events related to its own activities, such as shortages of raw materials for its products, the appearance of competitor products in the market, or changes in the regulatory framework for the markets in which it operates, among other things. As of the date of writing this report, Grifols has taken the necessary measures to mitigate the potential impact of these events. Grifols is not obliged to publicly report, modify, or update future forecasts or assumptions to make them suitable for events or circumstances that occur after the date of writing this report, except as required by applicable law. The information contained in this article has not been verified or reviewed by external auditors of the Grifols Group.